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after being publicly condemned or warned by the shanghai stock exchange, st shengtun chairman zhang zhenpeng, president zhou xianjin, director weng xiong, and board secretary zou yapeng recently collectively resigned from the company.

chairman, president and secretary resigned at the same time

st shengtun announced on the evening of september 19 that the board of directors recently received written resignation reports from the company's chairman zhang zhenpeng, president zhou xianjin, director weng xiong, and board secretary zou yapeng.

due to work adjustments, zhang zhenpeng applied to resign from the positions of chairman of the company's 11th board of directors, director and convener of the board's strategic development committee, member of the audit committee, and chairman of the environmental, social and governance (esg) committee; zhou xianjin applied to resign from the positions of director of the company's 11th board of directors, member of the social and governance (esg) committee, and president; weng xiong applied to resign from the position of director of the company's 11th board of directors; and zou yapeng applied to resign from the position of secretary of the company's 11th board of directors.

at the same time, st shengtun held a board meeting on september 19 and reviewed and approved the "proposal on the resignation of directors and the re-election of director candidates". after the qualification review by the board of directors' nomination committee, the board of directors nominated and proposed to re-elect xiong bo, jin xin and long shuang as candidates for non-independent directors of the company's 11th board of directors, and appointed jin xin as the company's president and lin ju as the company's board secretary.

public information shows that st shengtun was listed in 1996 and is headquartered in xiamen. its main business is the development and utilization of non-ferrous metal resources. in the first half of this year, st shengtun's revenue was 11.414 billion yuan, a year-on-year decrease of 14.28%; its net profit attributable to the parent company was 1.118 billion yuan, a year-on-year increase of 524.14%.

on september 19, st shengtun’s stock price closed at 3.54 yuan, with a market value of 11.1 billion yuan.

recently publicly condemned or warned by regulators

on september 13, the shanghai stock exchange website released the "decision on public condemnation of shengtun mining group co., ltd. and relevant responsible persons" and the "decision on regulatory warnings to relevant responsible persons of shengtun mining group co., ltd."

it has been found that from december 2021 to the first half of 2023, st shengtun, in the sales business of cobalt hydrometallurgical intermediates with relevant customers, had behaviors such as recognizing revenue when the goods were delivered to relevant customers without actually transferring the control, resulting in the 2021 annual report overstating operating income by 359 million yuan and overstating total profit by 194 million yuan, accounting for 0.79% and 7.15% of the disclosed amount in the current period, respectively; the 2022 annual report overstated operating income by 84.149 million yuan and understated total profit by 139 million yuan, accounting for 0.33% and 18.20% of the disclosed amount in the current period, respectively; the 2023 semi-annual report understated operating income by 78.1883 million yuan and understated total profit by 22.9569 million yuan, accounting for 0.59% and 5.22% of the disclosed amount in the current period, respectively.

on april 23, 2024, st shengtun issued the "announcement on correction of accounting errors", correcting the relevant periodic financial statement data involving the above-mentioned business impact.

in view of the above-mentioned facts and circumstances of the violations and in accordance with relevant regulations, the shanghai stock exchange decided to publicly condemn st shengtun and its then chairman and president zhang zhenpeng, then chairman chen dong, then financial director weng xiong, and then president zhou xianjin; and to give regulatory warnings to st shengtun's then independent directors liu luhua, ren li, tu liandong, then vice presidents xiong bo and jin xin, then vice president and board secretary zou yapeng, then board secretary lu lele, then assistants to the president wu yicong and tang bo, and then supervisors zhao yulan, zhang xiaohong, and huang namin.

source: china fund news, fujian business news